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A tendência à sobreapreciação da taxa de câmbio

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  • Bresser-Pereira, Luiz Carlos

Abstract

In developing countries there is a tendency to the overvaluation of the exchange rate. It has two structural causes: the Dutch disease and the attraction that higher profit and interest rates usually prevailing in developing countries exert on foreign capitals, and four policy causes: the policy of growth with foreign savings, the control of inflation to exchange rate anchors, the policy of 'capital deepening', and exchange rate populism. Either the country neutralizes this tendency and grows fast, or does not and will suffer cyclical balance of payment crises.

Suggested Citation

  • Bresser-Pereira, Luiz Carlos, 2009. "A tendência à sobreapreciação da taxa de câmbio," Textos para discussão 183, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    • Handle: RePEc:fgv:eesptd:183
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    2. Ofair Razin & Susan M. Collins, 1997. "Real Exchange Rate Misalignments and Growth," International Finance 9707001, University Library of Munich, Germany.
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    7. Rudiger Dornbusch & Sebastian Edwards, 1989. "Macroeconomic Populism in Latin America," NBER Working Papers 2986, National Bureau of Economic Research, Inc.
    8. Ofair Razin & Susan M. Collins, 1997. "Real Exchange Rate Misalignments and Growth," NBER Working Papers 6174, National Bureau of Economic Research, Inc.
    9. Rudiger Dornbusch & Sebastian Edwards, 1991. "The Macroeconomics of Populism," NBER Chapters, in: The Macroeconomics of Populism in Latin America, pages 7-13, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Araújo, Eliane & Bruno, Miguel & Pimentel, Débora, 2012. "Financialization against Industrialization: a regulationnist approach of the Brazilian Paradox," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 11.
    2. André de Melo Modenesi & Rui Lyrio Modenesi & José Luis Oreiro & Norberto Montani Martins, 2013. "Convention, interest rates and monetary policy: a post-Keynesian–French-conventions-school approach," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 76-92.
    3. Gonçalves, Thallis Macedo de Assis & Cerqueira, Luiz Fernando & Feijó, Carmem Aparecida, 2023. "Pass-through of exchange rate shocks in Brazil as a small open economy," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.

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